Greek government bonds jump in wake of buyback

WilliamL. Watts

FRANKFURT (MarketWatch) -- Greek government bond prices surged, sending the yield on the 10-year bond
gr:10yr_gre
tumbling after the country's debt agency on Wednesday said it would buy buck as much as 31.9 billion euros ($41.5 billion) of government bonds offered by debt holders. The yield on Greece's 10-year bond traded at 12.4% in recent action, a fall of 91 basis points, according to electronic trading platform Tradeweb, after dipping as low as 11.6% -- its lowest level since February 2011. The yield premium demanded to hold Greek debt over 10-year German bunds
de:10yr_ger
narrowed 72 basis points to 11.08 percentage points. A basis point is 1/100th of a percentage point. The completion of the buyback is seen as a precursor to the release of a long-delayed chunk of financial aid for Greece.

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